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NEWS

Uzbekistan’s Central Bank keeps refinancing rate

www.azernews.az
30 April 2015

The board of Uzbekistan’s Central Bank decided to keep the refinancing rate at nine percent.

“The decision was made basing on the tasks set in main directions of the monetary policy for 2015, as well as given the actual and expected inflation rate in the current year,” the bank reported on April 30.

The refinancing rate was reduced by the central bank from 10 to nine percent from Jan. 1, 2015.

Uzbekistan, since 2000, has applied the floating rate of refinancing, corrected depending on the dynamics of inflation, demand and supply in the money market.

From July 2006 to January 2011, the rate remained at 14 percent, and in 2011-2013 it was at 12 percent. In early 2014, the central bank set the refinancing rate at 10 percent per annum.

Uzbekistan’s government plans to keep in 2015 the inflation at 5.5-6.5 percent.

Uzbekistan’s banking system is currently represented by 26 commercial banks, including three state-owned, 11 joint-stock, seven private and five banks operating with the involvement of foreign capital.